LEEDS UNITED have ended almost two weeks of fevered speculation by naming Terry Venables as their new manager.

The former England coach has signed a two-year deal after he was released from his lucrative television contract summarising on Premiership and Champions League matches by broadcasters ITV.

Venables, 59, takes over from David O'Leary - sacked 11 days ago because of poor results on the field - and has been charged with bringing success to Elland Road after several seasons of underachievement.

In a statement to the Stock Exchange today the club said: "Leeds United Plc announces the appointment of Terry Venables to the position of manager with immediate effect.

"He has today signed an initial two-year contract.

"Terry Venables has almost unrivalled football management experience, including spells at Tottenham Hotspur, Barcelona, England and Australia.

"In making this announcement Leeds United would like to place on record their thanks to ITV for releasing Terry from his existing Premiership and Champions League contract."

Venables, 59, has cut short a holiday in the Seychelles in order to complete negotiations for the Leeds job.

The Yorkshire club are believed to have targeted Martin O'Neill - but the Celtic manager insisted he intended seeing out the remaining year of his contract with the Scottish champions.

Then Middlesbrough boss Steve McClaren was reported by newspapers to be in the frame but Leeds chairman Peter Ridsdale issued a statement denying there had been any approach.

McClaren himself then assured Boro fans that he was committed to the club's cause.

Venables' last managerial role was at Middlesbrough, where he took over as coach under Bryan Robson in December 2000 for six months and steered the Teessiders to Premiership safety.

Just four days ago Leeds announced on their official website that the club had not spoken to Venables about the position.

But Ridsdale has consistently stated he wanted to have O'Leary's replacement in place within two weeks of the Irishman's dismissal on June 27.

Venables will be a popular choice and comes with massive experience having had spells in club football at Barcelona, Tottenham, QPR, Portsmouth and Crystal Palace.

Gary Mabbutt believes his former Tottenham boss has taken the job to prove he is capable of winning the Premiership.

Venables won the FA Cup with Spurs in 1991 but has never led a club in England to a league title, although he did achieve the feat with Barcelona.

Mabbutt, Venables' captain during his tenure at White Hart Lane, said: "Terry still wants to prove himself as a manager that can win championships.

"He won the FA Cup at Tottenham but that's all he's achieved in his time in English football and I'm sure he wants to build on that and what an opportunity this will be for him."

Leeds United Supporters' Club chairman Ray Fell believes Venables is a worthy successor to David O'Leary.

"We know we have got a man with charisma and ability and a track record that we are looking for," he said.

"He has had a good coaching record both in this country and abroad, particularly the job he did with England."